Best Life Insurance Companies in Hillsboro, OR

FAQs

• What living benefits are offered through permanent life insurance policies in Hillsboro?

  Permanent life insurance policies provide living benefits in cash value accumulation, which can be tapped through loans and withdrawals. This accumulated cash can be utilized according to the preferences of Hillsboro policyholders, whether to bolster their retirement income, settle outstanding debts, or address financial emergencies.

• Why is life insurance important for business owners in Hillsboro?

  Life insurance ensures the sustained operation and resilience of a Hillsboro-based business in the event of the untimely demise of its owner or a key staff member. Additionally, it provides the necessary financial resources to meet obligations to suppliers and staff and can even be extended as a group benefit option. Life insurance can also serve as a deferred compensation tool or an alternative retirement strategy in cases where implementing a group retirement plan is not a viable option.

• Is the free look provision a standard feature in all life insurance policies offered in Hillsboro?

  Yes. The Oregon Insurance Code grants Hillsboro life insurance policyholders a 10-day window to assess their policies upon receipt. During this period, they can cancel their policies and receive a complete refund of the premiums they have paid if they determine that the policies do not align with their budgets and insurance requirements.

• What are the key advantages of having life insurance for families living in Hillsboro?

  Life insurance's death benefit serves as financial protection for Hillsboro families in the unfortunate event of the policyholder's passing during the specified term. Not only does this benefit provide support for college or retirement planning for surviving family members, but it can also be used to settle outstanding mortgages and student and auto loans.

• Do Hillsboro life insurance companies offer life insurance policies that do not require medical examinations?

  In Hillsboro, certain life insurance providers require a medical examination, while others do not. Policies that eliminate the need for a medical exam come with higher premiums. Yet, this serves as a viable choice for Hillsboro residents with pre-existing health conditions that might render them ineligible for traditional coverage.

• Which is better, term or whole life insurance?

  Life insurance is a personal financial tool, so the right type of insurance for you depends on your goals and current situation. One of the main differences between term life insurance and whole life insurance is that term life insurance only covers you for a set period of time. Once you meet the premium payment requirements on a whole life plan, it covers you for the rest of your life. Whole life insurance also builds cash value, making it a potential investment. But whole life insurance is typically much more expensive than term life insurance.

• How much life insurance do I need?

  A common recommendation is purchasing life insurance that is equal to five times your current salary, or more. But you can also estimate how much life insurance you need by adding up your debts, annual expenses for dependents multiplied by the years you want to ensure support, and any other items you wish to cover, such as a future wedding or college tuition.

• How does life insurance work?

  The details of how life insurance works depend on your individual plan, but the basics are as follows: 

  • You pay a premium to purchase the insurance. Typically the premium is paid monthly, but it could be rolled into quarterly, bi-annual, or annual payments. 
  • As long as you are meeting or have met premium obligations, if you pass away, the insurance company makes the agreed-upon payment to the beneficiaries you designated. 
  • Beneficiaries usually have to provide the insurance company with a death certificate to receive their payments.

• How much is life insurance?

  The cost of life insurance ranges widely. Term life insurance can cost as little as a few dollars a day, and whole life insurance can cost thousands per month on the high end. Factors that impact the cost of your life insurance include whether you're choosing term life insurance or whole life insurance, your age, how much coverage you want, your overall health, and your gender.

• Is life insurance taxable?

  Life insurance proceeds are the funds paid via your plan to your beneficiaries if you pass away. These are also called death benefits. Typically, these are not considered income for taxes. If you take out cash value from a whole life insurance investment and the amount exceeds how much you paid in premiums, the difference may be considered taxable income.

  
  

• Can I buy health insurance that is not Obamacare?

  When people say "Obamacare insurance," they typically mean insurance within the health insurance marketplace. You can get health insurance outside of the marketplace by going through your employer, choosing COBRA coverage if you leave your job, or buying a short-term health insurance policy through an insurance agent. ACA-compliant plans meet all the benefits and coverage requirements of the Affordable Care Act. But you may be able to find supplemental or short-term coverage that simply provides peace of mind for major medical expenses.

• Can I buy health insurance anytime?

  To buy health insurance in the marketplace, you must purchase it within open or special enrollment periods. But you can purchase short-term coverage to bridge the gap between now and the next open enrollment period. These plans are meant to be used for less than a year. You can purchase them online or via insurance agents, but they may not be ACA-compliant.

• Who should buy supplemental health insurance?

  Supplemental health insurance is a product that helps cover the cost of services that your primary health insurance policy doesn't. One popular option is secondary insurance that helps cover some of the costs associated with high deductibles. Medicare supplemental insurance is also popular. Medicare doesn't cover everything, and older adults on a limited income can face large prescription or medical bills after Medicare pays. Supplemental insurance helps reduce those patient costs.